IoT-based Asset Tracking and Monitoring Market by Connectivity Type (Wi-Fi, Bluetooth, Cellular, NB-IoT, LoRa, SigFox, UWB, GNSS, ZigBee, Thread), Monitoring Type (Indoor, Outdoor), Application (Manufacturing, Automotive), Region - Global Forecast to 2029
The global IoT-based asset tracking and monitoring market size is expected to grow from USD 5.0 billion in 2024 to USD 9.2 billion by 2029, at a CAGR of 12.8% from 2024 to 2029.
IoT adoption in manufacturing industries helps manufacturers achieve the necessary data to manage complex production cycles and manufacturing equipment better, leading to improved operations and profitability. IoT in manufacturing solutions also enables manufacturers to shift from scheduled to predictive maintenance and continuous plant or machine monitoring to reduce downtime and boost production efficiency. For instance, with the emergence of IoT, solutions such as connected logistics and predictive maintenance enable automobile manufacturers to provide real-time data management and increase the machine life, reducing time and costs. Similarly, IoT-based asset tracking and monitoring solutions allow tracing shop floor tools and equipment to prevent misuse, overuse, or underuse and send alerts for maintenance.
IoT-based Asset Tracking and Monitoring Market Forecast to 2029
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Market Dynamics
DRIVERS: Increasing adoption of automated solutions meeting safety standards helps reduce accidental risks
Regulatory compliance is a difficult task. Companies worldwide must manage an ever-increasing number of regulations, regardless of industry, scale, or complexity of corporate operations. This is notably true in the US, where new rules such as the Food Safety Modernization Act (FSMA), Pesticide Container and Containment Rule, and Unique Device Identification Rule are gaining the most attention recently. Compliance with regulatory regulations is necessary but often time-consuming and costly. To adhere to these mandates, cold chain companies are moving toward adopting IoT-based asset tracking solutions in their facilities and logistics. Manufacturing involves operating heavy machinery, which can be hazardous and lead to fatal accidents due to human errors or any system/component failure. Hence, regional governments have established mandates that must be adhered to on manufacturing floors and factories to avoid mishaps. This is fueling the adoption of IoT. Plant operators can better track information, such as alerts, on assets with increased visibility and real-time production information. Depending on the system and solution employed, it can also link PPE requirements for an item in the tracking system if needed. Notification can be automated by tying a physical item to information. Before a violation or dangerous circumstance happens, employees have rapid access to important information via a message. Today, manufacturers can use material-specific tags and labels to avoid mishaps. Hazardous materials are better controlled with fewer errors, and employees are at a lower risk. Thus, using automated solutions meeting safety standards helps reduce accidental risks.
RESTRAINTS: Lack of standardization and interoperability
Since IoT devices use proprietary operating systems and device settings, it is challenging to integrate them with other technologies and systems. True IoT interoperability refers to using the same standardized data components by all IoT devices and services. When all devices and systems use the same data elements, they can be kept in a single data repository, resulting in a single uniform version of data across all departments. This interoperability issue restraint the growth of IoT adoption in asset management. According to the World Economic Forum, the lack of interoperability and standards is a major barrier to integrating IoT on any shop floor.
OPPORTUNITIES: Growing use of 5G technologies and data analytics in automotive industry
With many countries being well underway of establishing 5G network, the combination of 5G with IoT will create enormous opportunities for the automotive industry as it will provide the capacity required for analyzing real-time video data received from vehicles and transport infrastructure. The duo will also enable digitalized monitoring and predictive maintenance of electrical systems. In June 2021, Verizon Communications launched its first private 5G network to provide governments and businesses with high-speed (4–5 Gigabytes/sec) connectivity. It will enable the smooth functioning of data-intensive applications in which technologies such as machine learning, IoT, augmented reality, and computer vision are used.
CHALLENGES: IoT technologies related security concerns
The implementation of IoT devices is growing exponentially. Unfortunately, most of the solutions deployed in IoT systems are developed without appropriate security control, leading to serious security concerns. Often IoT systems are networked over the public internet. Connectivity technologies used in IoT are 2G, 3G, 4G-LTE, 5G, Bluetooth, or other old wireless protocols. These network devices connect several governments, corporate, domestic, and global businesses. If not properly secured, this interconnectivity could result in security risk.
Iot-Based Asset Tracking And Monitoring Market Ecosystem
Prominent companies in this market include well-established, financially stable manufacturers such as Quectel Wireless Solutions Co., Ltd (China), u-blox (Switzerland), Fibocom Wireless Inc. (China), Telit (US), Semtech Corporation (US), Samsara Inc. (US), and SEQUANS (France). These companies have been operating in the market for several years and possess a diversified product portfolio and strong global sales and marketing networks. Along with the well-established companies, there are a large number of small and medium companies operating in this market, such as Neoway Technology Co. LTD. (China) and Azuga (US).
The IoT-based Asset Tracking and Monitoring Market for LoRa segment is expected to grow with highest CAGR during the forecast period.
LoRa is a long-range, low-power wireless platform used to build IoT networks across a compelling mix of long-range, low-power consumption, and secure data transmission. This technology is developed and promoted by the LoRa Alliance, an open, non-profit association that various companies initiated to standardize the LPWAN protocol. It is easy to plug into the existing infrastructure and offers a solution for battery-operated IoT applications. Semtech Corporation (US) has deployed LoRa technology into its chipsets. These chipsets are integrated into the products offered by its vast network of IoT partners and LPWANs provided by mobile network operators worldwide.
The IoT-based Asset Tracking and Monitoring Market for manufacturing segment is projected to grow with substantial CAGR during the forecast period.
A good asset tracking and monitoring plan supports organizational objectives while maximizing industrial performance and reducing expenses. As opposed to other business arenas, the manufacturing industry players are widely adopting IoT-enabled asset tracking and monitoring systems. IoT-enabled asset management helps manufacturing businesses track, organize, and locate every piece of equipment, raw materials, and finished products. For instance, CNC machines, robots, conveyor belts, and other production machinery for performance monitoring and predictive maintenance and finished products in storage areas for quality control and efficient shipment. All these tasks take a lot of time and effort to complete manually. Most industries employ pricey handheld scanners for inventory control. These assets can now be tracked automatically using asset tracking solutions that are IoT enabled.
The IoT-based Asset Tracking and Monitoring Market in Asia Pacific is projected to hold the substantial market share in 2029.
IoT-based Asset Tracking and Monitoring Market by Region
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Asia Pacific is one of the major markets for chip and module manufacturing. The key countries in Asia Pacific considered for this study are China, Japan, India, India, and the Rest of Asia Pacific. China has the largest vehicle fleet in the world with the high adoption of IoT owing to the financial and strategic involvement of the government in the R&D of IoT-related technologies. As China is a major hub of semiconductor fabrication and manufacturing, its participation in implementing and developing IoT-based asset tracking modules and supporting connectivity technologies is crucial for the growth of these markets. With an increasing vehicle fleet, the demand for automated management is expected to increase, creating opportunities for such solution providers. Thus, many companies in the market are working towards capitalizing on these opportunities. For instance, Shenzhen Jimi IoT Co., Ltd. (China) offers solutions for car rental fleet management, taxi and ride-hailing fleet management, trailer tracking, logistics, and delivery. Companies offer solutions such as real-time location tracking, instant alert, geo-fencing, preventive maintenance, and similar insights.
Key Market Players
Quectel Wireless Solutions Co., Ltd (China), u-blox (Switzerland), Fibocom Wireless Inc. (China), Telit (US), Semtech Corporation (US), Samsara Inc. (US), and SEQUANS (France) are among a few top players in the IoT-based asset tracking and monitoring companies.
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Report Metric |
Details |
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Market Size Available for Years |
2020–2029 |
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Base Year |
2023 |
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Forecast Period |
2024–2029 |
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Units |
Value (USD Million/Billion) |
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Segments Covered |
Monitoring Type, Connectivity Type, and Application |
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Geographic Regions Covered |
North America, Europe, Asia Pacific, and RoW |
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Companies Covered |
Major Players: Quectel Wireless Solutions Co., Ltd (China), u-blox (Switzerland), Semtech Corporation (US), Fibocom Wireless Inc. (China), Telit (US), Solera (US), Nordic Semiconductor (Norway), Samsara Inc. (US), Laird Connectivity (US), SEQUANS (France), and Others - (Total 25 players have been covered) |
IoT-based Asset Tracking and Monitoring Market Highlights
This research report categorizes the IoT-based asset tracking and monitoring market by monitoring type, connectivity type, applications, and region.
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Segment |
Subsegment |
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By Monitoring Type: |
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By Connectivity Type: |
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By Application: |
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By Region |
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Recent Developments
- In December 2023, Quectel Wireless Solutions Co., Ltd announced SG520B series of 5G Sub-6GHz, Wi-Fi 6E and Bluetooth smart modules. This module series of the company was developed to meet growing needs for smart modules which can support not only connectivity in operation.
- In September 2023, u-blox launched SARA-S520M10L, which is cellular and satellite IoT module with accurate, low-power positioning, and great connectivity. It is mainly used in asset tracking, fleet management, mining, utilities, maritime transportation, and smart agriculture applications.
- In September 2023, Telit announced the WE310K6, a fully integrated, low-power module. It has a feature of dual-band, dual-stream Wi-Fi and dual-mode Bluetooth/ Bluetooth Low Energy. It is used for the applications such as asset management, pet, animal trackers, and more.
Frequently Asked Questions(FAQs):
What is the total CAGR expected to be recorded for the IoT-based asset tracking and monitoring market during 2024-2029?
The global IoT-based asset tracking and monitoring market is expected to record a CAGR of 12.8% from 2024–2029.
What are the driving factors for the IoT-based asset tracking and monitoring market?
Rising inclination towards wireless communication technology and growing adoption of predictive maintenance technique to reduce sudden breakdowns are some of the driving factors for the machine condition monitoring market.
Which application will grow at a fast rate in the future?
Manufacturing application is expected to grow at the highest CAGR during the forecast period.
Which are the significant players operating in the IoT-based asset tracking and monitoring market?
Quectel Wireless Solutions Co., Ltd (China), u-blox (Switzerland), Fibocom Wireless Inc. (China), Telit (US), Semtech Corporation (US), Samsara Inc. (US), and SEQUANS (France) are among a few top players in the IoT-based asset tracking and monitoring market.
Which region will grow at a fast rate in the future?
The IoT-based asset tracking and monitoring market in Asia Pacific is expected to grow at the highest CAGR during the forecast period.
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The study involved four major activities in estimating the current size of the IoT-based asset tracking and monitoring market. Exhaustive secondary research has been done to collect information on the market, peer, and parent markets. The next step has been to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches have been employed to estimate the total market size. After that, market breakdown and data triangulation methods were used to estimate the market size of segments and subsegments. Two sources of information-secondary and primary-have been used to identify and collect information for an extensive technical and commercial study of the IoT-based asset tracking and monitoring market.
Secondary Research
Secondary sources include company websites, magazines, industry news, associations, and databases (Factiva and Bloomberg). These secondary sources include annual reports, press releases, investor presentations of companies, white papers, certified publications, articles by recognized authors, regulatory bodies, trade directories, and databases.
Primary Research
Primary sources mainly consist of several experts from the core and related industries, along with preferred IoT-based asset tracking and monitoring modules providers, distributors, alliances, standards, and certification organizations related to various segments of this industry’s value chain.
In the primary research process, various primary sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information on the market. The primary sources from the supply side included various industry experts such as Chief Experience Officers (CXOs), Vice Presidents (VPs), and Directors from business development, marketing, product development/innovation teams, and related key executives from IoT-based asset tracking and monitoring modules providers, such as Quectel Wireless Solutions Co., Ltd (China), u-blox (Switzerland), Fibocom Wireless Inc. (China), Telit (US), Solera (US), Samsara Inc. (US), and SEQUANS (France); research organizations, distributors, industry associations, and key opinion leaders. Following is the breakdown of primary respondents.
The breakdown of primary respondents is provided below.
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Market Size Estimation
Both top-down and bottom-up approaches have been used to estimate and validate the total size of the IoT-based asset tracking and monitoring market. These methods have also been used extensively to estimate the size of various subsegments in the market. The following research methodology has been used to estimate the market size:
- Major players in the industry and markets have been identified through extensive secondary research.
- The industry’s value chain and market size (in terms of value) have been determined through primary and secondary research processes.
- All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
Top-Down Approach
In the top-down approach, the overall market size has been used to estimate the size of the individual market segments (mentioned in market segmentation) through percentage splits from secondary and primary research. For specific market segments, the size of the most appropriate immediate parent market has been used to implement the top-down approach. The bottom-up approach has also been implemented for data obtained from secondary research to validate the market size of various segments.
IoT-based Asset Tracking and Monitoring Market: Top-down Approach
Bottom-Up Approach
The bottom-up approach has been used to arrive at the overall size of the IoT-based asset tracking and monitoring market from the revenues of the key players and their market shares. Calculations based on revenues of key companies identified in the market led to the estimation of their overall market size.
IoT-based Asset Tracking and Monitoring Market: Bottom-up Approach
Data Triangulation
After arriving at the overall market size from the estimation process explained above, the overall market has been split into several segments and subsegments. The market breakdown and data triangulation procedures have been employed, wherever applicable, to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The data has been triangulated by studying various factors and trends from both the demand and supply sides. The market has also been validated using both top-down and bottom-up approaches.
Market Definition
The IoT-based asset tracking modules, consisting of sensors and tags, are deployed to enable remote monitoring and management of an asset’s geo-position. In industrial operations, it is essential to track the location and condition of assets and inventories securely. Asset tracking enabled by the IoT makes monitoring easier. These technologies help companies lower risks and develop new revenue sources with real-time data for better decision-making. They also help in better inventory management and reduce the chances of asset misplacement by sending real-time alerts and notifications.
Key Stakeholders
- IoT chip and module manufacturers
- Original equipment manufacturers (OEMs)
- Original design manufacturers (ODMs) and OEMs-technology solution providers
- Network service providers
- Research institutes
- IoT forums, alliances, and associations
- Technology investors
Report Objectives
- To define and forecast the IoT-based asset tracking and monitoring market regarding monitoring type, connectivity type, and application.
- To describe and forecast the IoT-based asset tracking and monitoring market and its value segments for four regions—North America, Europe, Asia Pacific, and the Rest of the World (RoW), along with their respective countries.
- To provide detailed information regarding the drivers, restraints, opportunities, and challenges influencing the growth of the market
- To strategically analyze micro-markets concerning individual growth trends, prospects, and contributions to the overall market
- To study the complete value chain of the IoT-based asset tracking and monitoring market
- To analyze opportunities in the market for stakeholders by identifying high-growth segments of the market
- To strategically profile key players and comprehensively analyze their market position regarding ranking and core competencies, along with a detailed market competitive landscape.
- To analyze strategic approaches such as agreements, collaborations, and partnerships in the IoT-based asset tracking and monitoring market
- To provide an analysis of the recession impact on the growth of the market and its segments
Available Customizations:
Based on the given market data, MarketsandMarkets offers customizations in the reports according to the client’s specific requirements. The available customization options are as follows:
Company Information
- Detailed analysis and profiling of additional market players (up to 5)
Generating Response ...
Growth opportunities and latent adjacency in IoT-based Asset Tracking and Monitoring Market